A Financial Industry Regulatory Authority (FINRA) arbitration panel in San Juan found two UBS units liable to the investor, Juan Burgos Rosado, whose losses in the now troubled closed-end funds sold by the firm’s Puerto Rico arm had reached $737,000 four years after he opened his account in 2011, according to the ruling. Burgos, age 66 at the time, had invested savings that he scrimped together by renovating a “run-down” bodega that he later ran as a business, the FINRA panel wrote in an arbitration decision that is unusual because it explains the reasons behind the ruling.